The Ardent UK has completed its inaugural UK investment to acquire two national logistics portfolios plus two other off-market assets, revealing its plan to establish a geographically balanced logistics portfolio.
The deal was completed from the pan-European investor and asset manager M7 Real Estate for £55.18 million GBP ($76.85m USD), and M7 will continue as asset management partners for the portfolio.
The cash deal includes the acquisition of the 353,213 sqft. (32,814 sqm) Aggregator portfolio with assets in seven locations across Scotland and England, the 942,323 sqft. (87,543 sqm) Monument portfolio with assets in three locations in Scotland and England, as well as two additional off market deals with M7 for separate assets in Lancaster and Milton Keynes. The total size of the acquisition is 1.4 million sqft. (circa 130,000 sqm.), with tenancies as diverse as Amazon and Eddie Stobart to Optiplan Kitchens and the Tempest Brewing Co.
Richard Benson, Managing Director at Ardent UK commented – “We are pleased to complete our first UK acquisition and to begin building a formidable portfolio of assets for the Fund. The multiple locations and scale of the various assets combined gives us initial critical mass for our UK investment platform which we are actively seeking to grow.
Our structure and backing meant we were able to move quickly to bring these assets together within a single fund, against stringent deadlines, giving Ardent significant geographical, operational and management opportunities. We welcome the continued relationship with M7 as the team have an excellent understanding of the nuances of the local markets.”